Verhaert Management: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Verhaert Management
Largest movements
- Cash +€15,210
up €15,210 (+19.9%), from €76,486 to €91,696
mainly Other debts (+€124,176) and Net result for the year (+€43,059)
- Receivables within one year +€12,867
up €12,867 (+43.6%), from €29,509 to €42,377
of which Trade receivables: +€13,541
- Tangible fixed assets -€2,661
down €2,661 (-43.9%), from €6,058 to €3,397
of which Furniture and vehicles: -€2,246
- Other debts +€124,176
up €124,176 (+2,669%), from €4,652 to €128,828
- Reserves -€99,441
down €99,441 (-99.5%), from €99,960 to €519
- Tax, wage and social debts +€3,032
up €3,032 (+116%), from €2,610 to €5,643
- Trade debts -€2,234
down €2,234 (-53.5%), from €4,177 to €1,943
- Gross operating margin +€6,307
up €6,307 (+11.6%), from €54,277 to €60,584
- Taxes +€1,806
up €1,806 (+17.0%), from €10,609 to €12,415
- Financial charges -€737
down €737 (-25.1%), from €2,938 to €2,201
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €114,400 | €139,933 | +€25,533 | +22.3% |
| Fixed assets | 21/28 | €6,058 | €3,397 | -€2,661 | -43.9% |
| Tangible fixed assets | 22/27 | €6,058 | €3,397 | -€2,661 | -43.9% |
| Land and buildings | 22 | €1,072 | €656 | -€416 | -38.8% |
| Furniture and vehicles | 24 | €4,987 | €2,741 | -€2,246 | -45.0% |
| Current assets | 29/58 | €108,341 | €136,536 | +€28,194 | +26.0% |
| Amounts receivable within one year | 40/41 | €29,509 | €42,377 | +€12,867 | +43.6% |
| Trade receivables | 40 | €21,860 | €35,401 | +€13,541 | +61.9% |
| Other amounts receivable | 41 | €7,649 | €6,976 | -€673 | -8.8% |
| Cash at bank and in hand | 54/58 | €76,486 | €91,696 | +€15,210 | +19.9% |
| Deferred charges and accrued income | 490/1 | €2,346 | €2,463 | +€117 | +5.0% |
| Total equity and liabilities | 10/49 | €114,400 | €139,933 | +€25,533 | +22.3% |
| Equity | 10/15 | €102,960 | €3,519 | -€99,441 | -96.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €99,960 | €519 | -€99,441 | -99.5% |
| Distributable reserves | 133 | €99,960 | €519 | -€99,441 | -99.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €11,440 | €136,414 | +€124,974 | +1,092% |
| Amounts payable within one year | 42/48 | €11,440 | €136,414 | +€124,974 | +1,092% |
| Trade debts | 44 | €4,177 | €1,943 | -€2,234 | -53.5% |
| Suppliers | 440/4 | €4,177 | €1,943 | -€2,234 | -53.5% |
| Taxes, remuneration and social security | 45 | €2,610 | €5,643 | +€3,032 | +116% |
| Taxes | 450/3 | €2,610 | €5,643 | +€3,032 | +116% |
| Other amounts payable | 47/48 | €4,652 | €128,828 | +€124,176 | +2,669% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,940 | €2,661 | -€279 | -9.5% |
| Other operating charges | 640/8 | €517 | €248 | -€269 | -52.0% |
| Gross operating margin | 9900 | €54,277 | €60,584 | +€6,307 | +11.6% |
| Operating profit (loss) | 9901 | €50,820 | €57,675 | +€6,855 | +13.5% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €2,938 | €2,201 | -€737 | -25.1% |
| Recurring financial charges | 65 | €2,938 | €2,201 | -€737 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €47,886 | €55,474 | +€7,588 | +15.8% |
| Income taxes | 67/77 | €10,609 | €12,415 | +€1,806 | +17.0% |
| Profit (loss) for the period | 9904 | €37,277 | €43,059 | +€5,782 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,277 | €43,059 | +€5,782 | +15.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.